IAMC to get a permanent building in Hyderabad
On Saturday the Chief Justice of India (CJI) N V Ramana laid the foundation stone for India’s first International Arbitration and Mediation Centre (IAMC) in Telangana.
The Telangana government has allotted land to the upcoming permanent building of Hyderabad International Arbitration and Mediation Centre (HIAMC) behind IKEA in HITEC City.
Speaking on the occasion, the CJI thanked the government of Telangana and Chief Minister K Chandrasekhar Rao for allocating valuable land in the heart of the city for HIAMC and Rs.50 crore for the construction of the building.
Justice Ramana said that the IAMC is a “big” step in promoting arbitration and mediation in this part of the world. He said during the international arbitration conference to be held in Dubai on March 17-18, HIAMC will showcase their progress and functioning of the centre and hoped that this will help attract international arbitration to this centre.
The CJI hoped that IAMC Hyderabad will emerge as an arbitration and mediation centre on par with such centres in Dubai, London, and Singapore.
The foundation laying ceremony was attended by the life trustee of the centre, Justice R V Raveendran, Supreme Court judges L Nageswara Rao, Hima Kohli, and judges from the Telangana High Court. Telangana’s ministers Indrakaran Reddy, K T Rama Rao, Mahmood Ali, T Srinivas Yadav, Srinivas Goud, Chief Secretary Somesh Kumar were also present.
Earlier, the centre was functioning in temporary accommodation of 25,000 sq ft at VK Towers in Gachibowli, which was jointly inaugurated by CJI and the Chief Minister in December.
Those who empanel the center include internationally acclaimed arbitrators and mediators from countries such as Singapore and the UK.
The CJI had then lauded the Telangana government for the speed with which it launched the project. He recalled that he broached with the Chief Minister on June 12, 2021, during his first visit to Hyderabad. The trust deed was signed on August 20 and the MoU between the government and the trust was signed on October 27.
“The setting up of IAMC at Hyderabad is an important step towards enhancing the ADR landscape of the country. While arbitration centres have already been set up in India, most prominently in Delhi and Mumbai, domestic and international parties still appear to prefer to go to foreign countries for dispute resolution,” Ramana said.
“Domestic and international parties will increasingly come to this centre, which has world-class facilities. Its location in Hyderabad will also be an attraction,” he said.
[With Inputs from IANS]
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